Bio-Rad Investor Accuses Board Of Rampant Malfeasance
Law360, Wilmington (August 18, 2015, 9:59 PM EDT) -- A Bio-Rad Laboratories Inc. institutional investor accused the lab-equipment giant's board on Tuesday of letting the company "careen out of control" before a $55 million foreign-bribery settlement with federal agencies, and covering up rampant misconduct that its law firm didn't catch.
The U.S. Department of Justice and U.S. Securities and Exchange Commission had hit Bio-Rad with foreign bribery charges in November as part of a $55 million settlement to resolve claims centering on $7.5 million in improper payments to Russian, Vietnamese and Thai officials. The company self-reported its misconduct and entered into a nonprosecution agreement.
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